Chairman Koo Bon-moo of LG Group waves his group’s flag as he took the helm of the group on Feb. 22, 1995.

Chairman Koo Bon-moo of LG Group, one of Korea’s representative conglomerates, passed away at the age of 73. The late Koo, born in Jinju, Gyeongsangnam-do, took the helm of the group as the third chairman, following in the footsteps of his father Koo Ja-kyung, who stepped down from his position in 1995.
Koo Bon-moo devoted himself to fulfilling social responsibility. He founded LG Honorable People Awards in 2015 to compensate those who demonstrate a sense of sacrifice. He also served as chairman of foundations related to welfare, culture and environment.
The late Koo, in office for 23 years as chairman, had been credited with having a strong sense of noblesse oblige. He has been praised for conducting “principle management” staying away from temporary expedience and malpractices. He had been firm in his belief in ethical management despite immediate losses, ethics cannot be relinquished to rise to a world-class company.
Under the stewardship of the late Chairman Koo, LG Group became the first Korean conglomerate to introduce a holding company system, setting a good practice of corporate governance. As LG Group broke up with founding business partner GS Group and LG’s relatives-owners of LS and LIG groups, the group has come a long way to be a world-class company with such mainstay businesses as electronics, display, chemical and telecommunications.
LG has grown into a world-class conglomerate that saw sales jump from 30 trillion won to 160 trillion won while he served as chairman for 23 years.
The late LG Group chairman demonstrated his guts as an adventurer while nurturing LG Group into a world-class conglomerate, but he had been credited with always showing warm leadership based on the respect of his group officials. The late Koo said repeatedly that building credit takes a lifetime, but it could be lost in a blink of an eye.
He made good on even small promises.
The late Koo reportedly had two brain surgeries last year and suffered from their side-effects. He was laid to rest in accordance with his will of not resorting to life-sustaining treatment, and his family decided to hold a simple and private funeral according to his wishes.
He is bereaved by his wife Kim Young-shik, 66; his son Kwang-mo, 40, vice president of LG Electronics; his daughters Yeon-kyung, 40, and Yeon-soo, 22: and his daughter-in-law Yoon Kwan, president of a venture company.

The late LG Group Chairman Koo had been credited with making LG Display the world’s No. 1 display maker. (Photos: LG Group)